All Posts Tagged With: "loan"
Servicers “Fail” Mortgage Modification Expectations
With more than a million borrowers signed up for mortgage modification programs the overall result is that most are wildly unhappy with their loan servicers.
According to J.D. Power and Associates, mortgage servicers often fail to deliver on certain best practices during the loan modification process, “including providing and meeting a time frame for approval; not [...]
Should The FHA Insure Luxury Condo Loans?
Last week Senator Charles Schumer (D-NY) announced an effort to increase the size of FHA builder loan guarantees for new housing units in major cities. Now Bloomberg News is reporting that FHA loans are being used to finance the acquisition of luxury apartments in New York.
“The Federal Housing Administration agreed in March to insure mortgages [...]
Credit & Underwriting Standards Tighten for VA Borrowers
VA loans have weathered the foreclosure crisis better than their major lending counterparts. But they certainly haven’t been immune to the overall tightening that’s taken hold of the industry.
The result is that these highly flexible and forgiving loans aren’t quite as forgiving as they once were.
Tighter Underwriting
More restrictive credit and underwriting standards have no doubt [...]
What’s A Private Transfer Fee In Real Estate?
Usually when we think of a real estate sale we think that the interest of the seller ends with closing. It is, after all, called “closing” for a reason.
Now, however, some sellers are trying to maintain a financial interest in a property for decades after it’s been sold, not with a mortgage or a loan [...]
What Is A Mortgage Loan Worksheet?
Starting in 2010 the government introduced a new Good Faith Estimate form which required lenders to spell out loan costs in very precise and standardized language — information which lenders must honor at closing.
The new form from HUD has raised a question among some lenders as to whether a pre-approval letter or a pre-qualification letter [...]
How The VA Funding Fee Really Works
VA loans are built to minimize the financial impact on military members who qualify for the program. Credit and income requirements are generally more lenient than conventional loans and sellers are allowed to pay a sizable portion of closing costs and concessions. On top of that, the Veterans Administrations caps what veterans can pay in [...]
29Jun2010 | Chris Birk | 0 comments | Continued
New Mortgage Loan Protections Outlined in Wall Street Reform
The House Financial Services Committee has released a summary of the major changes included in the Wall Street Reform and Consumer Protection Act. These are items which have been accepted by a conference committee of the House and Senate. If the conference report is passed by both houses, the measure will then go to the [...]
27Jun2010 | Peter G. Miller | 0 comments | Continued
Morgan Stanley To Pay $102 Million For Mortgage Role In Massachusetts
Massachusetts Attorney General Martha Coakley has announced that Wall Street titan Morgan Stanley will pay $102 million to settle for its role in creating a market for subprime mortgages in the state. The settlement includes $58 million to roughly 1,000 homeowners.
Should Have Known
“This has become an all-too-familiar pattern in which the deceptive practices of Wall [...]
FTC Seeks Halt To Mortgage & Foreclosure Relief Programs
The federal government is seeking to shut down more than a dozen firms which supply mortgage modification or foreclosure relief services.
According to the Federal Trade Commission, the government has sought to ban more than a dozen marketers from selling mortgage relief and foreclosure relief services, in one instance seeking $11.4 million for contempt.
The release from [...]
Mortgage Loan Relief For BP Spill Victims
Homeowners impacted by the BP oil spill are getting mortgage relief from Fannie Mae and Freddie Mac, the two largest mortgage owners. In general terms, the loan relief offered by the two companies follows the emergency policies both have had in place following such disasters as hurricanes Katrina, Rita and Wilma.
Relief
In the usual case, disaster [...]
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